The New York Times reports:

Last spring, even as Donald J. Trump’s march back toward the White House dominated public attention, his finances, largely out of view, faced serious threats.

His office building in Lower Manhattan generated too little cash to cover its mortgage, with the balance coming due. Many of his golf courses regularly lacked enough players to cover costs. The flow of millions of dollars a year from his stint as a television celebrity had mostly dried up.

And a sudden wave of legal judgments threatened to devour all his cash.

Then, with his clinching of the Republican nomination, everything began to change.

In the following months, Mr. Trump, along with his two eldest sons, Eric and Donald Jr., refocused the family business, forming a series of partnerships, especially in cryptocurrency, with investors who were willing to bank on his victory.

Once Mr. Trump won the presidency in November, that approach kicked into overdrive.

His family business announced numerous new deals that would financially benefit Mr. Trump directly, even as he made policy decisions that affected those industries or that involved countries in which the United States had political interests. Most glaringly, Mr. Trump is now both a partner in several crypto ventures and, as president, crypto’s chief policy regulator, and he has signaled that he wants his administration to have a hands-off approach to digital currencies.

Today, those moves are seen by Mr. Trump’s detractors as a money grab of historic proportions. But an analysis by The New York Times of thousands of pages of internal Trump Organization documents filed in one of the legal actions against him suggests a more urgent motivation for Mr. Trump’s behavior: a need, rather than simply a desire, for easy money to keep his empire intact.

In late 2023, Mr. Trump boasted of having between $300 million and $400 million in cash when he testified as part of that legal action, a lawsuit brought by the New York attorney general that accused the Trumps of defrauding their lenders. His cash stockpile, Mr. Trump said, showed “how good a company I built,” and, he added in earlier testimony, “especially for a developer.”

Contrary to those assertions, records filed in the fraud case suggest that Mr. Trump’s cash was not the product of a steady and strong empire. His balance had fluctuated wildly, hitting a low of $52 million in 2018, a small figure for the size of his operation. The subsequent increase came largely from the sale of properties and a payout of more than $150 million from a passive investment.

Moreover, the version of Mr. Trump’s business that he projects — a real estate development company that executes large, complex tasks — hasn’t existed for a nearly a decade, since the Trumps’ last two major construction projects failed to make money.

Instead, Mr. Trump’s wealth is now built on monetizing the family name in new ways and, intentionally or not, the office of the presidency. It is an enterprise in pursuit of multimillion-dollar checks — from actual real estate developers, from cryptocurrency and social media enterprises run by others. It is also a business that hawks Trump-branded trinkets like watches and gold-toned mobile phones to the president’s passionate supporters.

Many of the deals open multiple channels for anyone to funnel cash to a sitting president, often in ways that are untraceable under current disclosure requirements. And because some of what is being sold is use of the president’s name, there are no clear metrics to gauge whether he has received market rate, a premium because of his office or, in effect, a hopeful bribe. [Continue reading…]